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4 minutes read Read Published March 03, 2023

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase an automobile.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.

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Brands are expensive, but they come with the additional benefits of personalization, latest technology and the sought-after fresh car smell. But for the past few months, purchasing new cars has also come with record-breaking prices. In fact, up 11.9 percent from the time of last year. the average purchase price (ATP) reached $48,000, as reported by . If purchasing a new car is in your future, you should be sure to take into consideration the best practices prior to making the trip to find a dealer. Five ways to save money when buying an automobile when costs are high when you are making a major purchase the key to saving money is preparation. It is essential to conduct study prior to starting looking for a vehicle, make sure you lock your financing and budget according to. In addition, with the cost of cars so high, now may be a good time to consider or even buying a used car instead of buying a new. Along with our experts, Brian Moody, executive editor at Autotrader, shared his advice about how you can save cash no matter the overall car buying climate. 1. Do your research prior to going to the dealership. Online resources have changed the way you buy cars and allow you to know exactly what dealerships have available prior to visiting the dealership. This is crucial with the fewer inventory options available. Make sure you check the availability of vehicles in your area before going in person. If you don’t, you could be forced to buy a car you haven’t done enough research about. Moody recommends «doing the bulk of research online prior to visiting the dealership in person.» Be attentive to any additional services or discounts dealers may be offering. Two dealerships may be selling the same vehicle, but one may offer better extras like discounted maintenance, or free car accessory items, Moody explains. 2. Request a loan preapproval. It is a crucial step to take to consider when purchasing a brand new vehicle. It confirms your planned monthly cost with a potential lender before you purchase the car. You can then look around with a clear understanding of the amount you can spend. Be sure to approach it in the same way as you do car shopping — look at the different lenders and don’t sign off on the first choice you come across. As Moody says, the cost of loans is high. are what make loan preapproval all the more important to save cash. Moody also suggests getting preapproved by your bank or credit union. 3. Be mindful of your budget car prices reaching close to $50,000, you should make your budget your reference when you are shopping for your next car. While it is certain that regardless of conditions, it’s important to stay within your budget, with prices such as these, there’s no to play with. To figure out how much you can afford make use of an app to determine your monthly finance cost. Remember to factor into vehicle expenses, like and . 4. Consider leasing for the short term If you have your sights set on a certain vehicle that is difficult to locate on the lot of the dealer, it is a good option to continue to take the car. «While leasing long term costs more than leasing for a shorter period can let a buyer find the vehicle they are looking for at a reasonable cost,» Moody says. When the lease expires the economy is likely to be different and you could be able to purchase a new car. 5. Consider buying a used car if you are flexible and are willing to spend money on a vehicle instead of purchasing a brand new one can be an excellent alternative. It’s not just a way to ensure that you can actually take a drive in a car, but it will also mean money saved. «Those who are looking for a bargain bargain should consider second-hand cars,» Moody says. Due to the huge demand for vehicles and low inventory, new car prices will continue to be expensive. The current situation of the car market Current price of cars is dependent on a variety of things, such as inventory available as well as supply chain issues and . All of these affect the price that you are charged at the dealer. But Moody explains that the main influence right now comes down to supply versus demand. «There only around 1 million new cars available at dealerships across the country.» Moody says. «The used car inventory is greater than twice that. This shortage of new vehicles coupled with the high demand is pushing prices up.» To top this, actions made by the government make borrowing money for your new car costly as well. In the fourth quarter, 2022 motorists financing 4 percent more for their vehicles, according to . The Fourth Quarter of 2021 those who borrowed auto loans were able to finance on average $39,834against the average of $41,445 car owners are financing in 2022. In the event of the high rates of interest and the cost of cars, it is possible to pay more for a new vehicle. What happens when prices for vehicles return to their normal levels? The question of car prices returning to their normal levels is a bit more difficult question. However, according to Moody the new inventory will start to return to normal by in the spring of 2023. «There are many new models coming out and some supply chain issues should be worked out by then,» Moody says. Until then, you’ll need to be prepared to do more research than normal and perhaps settle for less than the car you’ve always wanted. Even though there’s only a small selection of cars doesn’t mean you can’t leave the lot feeling satisfied. The bottom line The lesson is this: when you’re able to wait on buying an automobile It could be worth it to save money. But if you’re like most Americans, waiting may make sense. Make sure you do more caution and be prepared to pay a bit more even if you drive off with a bargain. Find out more

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase an automobile.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to manage their finances with concise, well-studied and well-researched content that break down complex topics into digestible chunks.

Auto loans editor

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